488 retirees benefit from N1 billion accrued pension rights

The Lagos State government said that no fewer than 488 retirees of the public service sector benefited from a total sum of N1.007 billion in accrued pension rights from the inception of the contributory pension scheme (CPS) in 2007.

Director General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, said this at the 108th Batch Retirement Bond Certificate Presentation Ceremony held in Lagos.
Obilana said the state government has made significant strides in pension administration over the years despite various economic challenges.

He said the ceremony demonstrated the state government’s commitment to its workforce’s welfare and financial security.

He also said LASPEC planned to expand its outreach efforts, providing retirees with more resources to help them to plan for a secure future.

“I want to once again extend my heartfelt congratulations to all retirees in the 108th batch,” the DG said.

He expressed his appreciation to Gov. Babajide Sanwo-Olu for his constant support in ensuring the prompt payment of pension obligations.

“To my incredible team at LASPEC, for the late nights and the tireless dedication you have put into making the CPS a success in Lagos state. I look forward to continuing this journey with you as we work towards a future where every retiree can look back with pride and forward with confidence,” he said.

Responding, a retiree, Oluwabukola Salako appreciated Sanwo-Olu for his commitment to prompt payment of pension benefits.

Salako also thanked the LASPEC team, led by Obilana, for the smooth and seamless processes of their pension rights, while praying that God grants the retirees good health and long life to enjoy their entitlements.